TORONTO, ONTARIO--(Marketwire - Nov. 18, 2010)
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If you are unable to view this release, visit www.iamgold.com.
IAMGOLD Corporation ("IAMGOLD" or the "Company")
(TSX:IMG)(NYSE:IAG)(BOTSWANA:IAMGOLD) today reported that the
maintenance team at the Company's Essakane Mine in Burkina Faso has
repaired the electrical system at its semi-autogenous grinding
("SAG") mill and that the team has restored the original
configuration of the mill for feeding material to the gold plant.
"As of early on the morning of November 16, Essakane has been
operating using its original mill configuration with all systems go and
the SAG mill continues to run according to specifications," said
Steve Letwin, President and CEO of IAMGOLD. "The team at the plant
has done an exceptional job to overcome this challenge by repairing the
electrical system while minimizing the impact on production. This
outstanding work included an innovative backup plan to resume partial
operation of the SAG mill under an alternate source of power while the
repairs were being made. With the repairs completed and tested over the
last two days, we are refocused on Essakane's ramp up towards full
design throughput for the mill and the gold plant."
Mr. Letwin further commented, "In October, Essakane produced more
than 30,000 ounces of gold and processed material at a rate of more
than 7.5 million tonnes per year. Despite the lost production while the
SAG mill was down during the first half of November, we are confirming
our annual gold production guidance for 2010 in the range of 940,000 to
970,000 ounces as announced on November 5, 2010."
As was previously announced, on Monday November 1, 2010, the variable
frequency drive ("VFD") failed after attempting a restart of
the SAG mill following a temporary blackout in the generating station.
The VFD manages the delivery of power from the generating plant to the
motor for the SAG mill.
Forward Looking Statement
This news release contains forward-looking statements. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, exploration results,
potential mineralization, potential mineral resources and mineral
reserves) are forward-looking statements. Forward-looking statements
are generally identifiable by use of the words "may",
"will", "should", "continue", "expect",
"anticipate", "estimate", "believe",
"intend", "plan" or "guidance" or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the Company's
ability to control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results or
events to differ materially from current expectations include, among
other things, without limitation, failure to establish estimated
mineral resources, the possibility that future exploration results will
not be consistent with the Company's expectations, changes in world
gold markets and other risks disclosed in IAMGOLD's most recent Form
40-F/Annual Information Form on file with the United States Securities
and Exchange Commission and Canadian provincial securities regulatory
authorities. Any forward-looking statement speaks only as of the date
on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement.
About IAMGOLD
IAMGOLD (www.iamgold.com) is
a leading mid-tier gold mining company producing approximately one
million ounces annually from 8 gold mines on 3 continents. IAMGOLD is
uniquely positioned with a strong financial position and extensive
management and operational expertise. To grow from this strong base, IAMGOLD
has a pipeline of development and exploration projects and continues to
assess accretive acquisition opportunities. IAMGOLD's growth plans are
strategically focused in West Africa, select countries in South America
and in the Canadian provinces of Ontario and Quebec, where it also
operates a niobium mine.
Please note:
This entire news release may be accessed via IAMGOLD's website at www.iamgold.com and
through Marketwire's website at www.marketwire.com.
All material information on IAMGOLD can be found at www.iamgold.com.
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